UPDATE 1-Chesapeake in $2 billion midstream deal

Tue Dec 11, 2012 6:29pm EST

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Dec 11 (Reuters) - Chesapeake Energy Corp said on Tuesday it agreed to sell most of its remaining natural gas processing and gathering assets to Access Midstream Partners LP for $2.16 billion.

Chesapeake, which has said it will sell up to $14 billion in assets this year to pay debt and close a funding gap, first announced the so-called midstream deal six months ago.

The Oklahoma City, Oklahoma, company said it expects to reach deals worth $425 million for its remaining midstream properties by the end of the next year's first quarter.

Chesapeake said it also sold other oil and gas infrastructure located in Oklahoma and Texas during the fourth quarter for about $175 million.

The company said it expects to raise $4.9 billion from the sale of its entire oil and gas gathering and processing business.

Shares of Chesapeake rose 26 cents to $17.35 after the close of regular trading.

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